Patent box OECD/BEPS proposals

HMRC has published a policy paper on the patent box following the release of draft FB 2016 along with draft clauses to make changes to the design of the UK patent box to comply with a new international framework for preferential tax regimes for intellectual property (IP) set out by the OECD’s work on BEPS. The proposed changes will have effect for new entrants to the patent box regime on or after 1 July 2016 and also for some IP assets (e.g. patents) acquired on or after 2 January 2016.

IP not covered by the new patent box rules will continue to receive the benefit of the existing patent box for a period of 5 years which is until 30 June 2021 except that some IP acquired on or after 2 January 2016 may only receive the benefit of the existing Patent Box until 31 December...